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  "documentTitle": "Tessera Technologies Inc. (TSRA)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2013-04-30 00:00:00",
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  "notes": "Uses peer benchmarking to justify operational changes.",
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      "text": "We believe Tessera is overstaffed for this type of business.",
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      "text": "Tessera's Historical Litigation Expenses ($ millions) from 2007-2012.",
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      "text": "Tessera has spent $217 million on litigation over the past six years. We believe total litigation expense relative to case load shows that Tessera is primarily using extremely expensive hourly legal fee structures. Existing litigation expenses can either be reduced or reallocated to new revenue opportunities through the use of prudent, risk-sharing, partial contingency agreements that are now widely used in the industry. Reduce headcount in SG&A and corporate overhead. We believe Tessera is overstaffed for this type of business. Revenue per employee ranks well below best-in-class comparable companies. Outsource certain patent licensing expenses that appear to be currently handled in-house. Reverse engineering. Legal-related functions. Technical experts can be utilized on a consulting basis.",
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      "text": "Revenue Per Employee: $215,668",
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      "text": "Source: SEC Filings.",
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      "text": "Select Comparable Companies: Revenue, Employees, Revenue per Employee for Acacia, InterDigital, RPX, Tessera Ex-Manufacturing, and Tessera.",
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      "text": "Action #1: Reduce IP Cost Structure (SG&A)",
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